Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
Single family inventory, from South San Francisco to Redwood City, right now is 214. That’s up from 208 of last week. Last year at this time, that number was 184. With 54 homes coming to market, that’s a big healthy. No way better than that. Well, not way better, but a lot bigger than 52 to last week. But wavered on last year’s 30. And why is that such a significant number? Well, you know, for the last week of August, that’s typically not the kind of number we’re seeing. So what I believe, obviously, is that the sellers are feeling very confident. But the market maybe they were thinking of putting their home on the market earlier, decided to hold off because of the situation and now putting their homes on the market. And we had 49 homes going to contract. That’s a very, very good number. Better than last week’s 43 , Last year at this time that number was 38.
We also had 164 condominiums come onto the market, thats up again from 150 of last week. Last year this time the number was 84. Again, I’ve been saying what a what a difference. The expansion of inventory from year over year where the condominiums, 37 condominiums did come on the market. That’s a big, big number. Last week, that number was only 13. And we’ve 15 condominiums going to contract good, healthy average number. Last week, that number was 15 as well.
Here’s another interesting number. Price reductions, 30 to price reduction. That’s an extremely large number, last year at this time that number was 19.
So total total from south San Francisco to Redwood City, single family homes and condominiums. Inventory is 378. That’s up from 358 of last week and represents a new 2020 peak of inventory last year. At this time, that number was 268. So here’s something very interesting. Ten years ago, same week, the market hit a peak of inventory. Guess what? That peak number was 993, ten years ago. 933 homes were on the market peak for 2010 and was the peak. And then inventories started going down and down and down. And the drive of the new market really started happening. Matter of fact, I do keep a total that. So 2010 933, 2011 total total inventory was 841. Then in 2012 403, 2013 336. 2014, 289. 2015 256. 2016 296. . 2017 233. Extremely low. Total total number for a peak number that drove us into the 2018 year, which was a really robust residential year. Peak inventory for 2018 was 344. Last year the peak number was 313. So where do we go from here? Well, we’re watching inventory, of course. Are we going to get over that 400, mark? I don’t know if we do. It’s not it’s not a, you know, huge indicator for a massive shift in the market, like I’ve said in the past. Then they reach 450, 500, 600. Then that’s a massive shift in the marketplace. And so as inventory is probably start pulling back now, as we move forward and into the end of the year, interest rates are, you know, use probably going to stay low. How we find a vaccine. Jobs keep getting created. We do have an election happening. So a lot of variables out there. But in terms of supply and demand and supply, staying down, as I believe it’s going to, we go into 2021, I think this market is going to be taken off again. But again, we’re going to watch this week every week to see how close we are to that thought process. Thanks for listening. Have a great day. And I’ll talk to you next week.